Insights / SMCR, Covid 19 and Technology

SMCR, Covid 19 and Technology

Why SMCR is even more important in the Covid 19 world of work?

It is difficult to effectively manage a dispersed workforce and technology offers some significant solutions.

As financial services emerge from the Covid 19 crisis into a more stable environment the playing field of work has changed, but the regulatory demands remain the same. The challenge for regulated firms is arguably harder. One route through the minefield is to use new technology approaches and solutions.

 Fit, Proper and Competent

An example of this is how managers can ensure that their teams remain fit, proper and competent. With less real face to face interaction the requirement is for more communication and individuals must take more ownership of their own development. Continuous professional development is difficult, particularly for less experienced people who need increased supervision.

Solutions lie in the growth of online and digital development programmes. Short and targeted interventions using a combination of webinars, coaching and online materials enables individuals to learn more effectively. However firms must ensure that their staff do not get Zoomed or MS Teamed out – we are beginning to see the emergence of “Can we do an old fashioned telephone call instead of Zoom?”

SMCR Certification can be onerous

When it comes to SMCR there is no doubt that the annual, and often regular intermittent, certification of key staff is an onerous process. HR and Compliance functions have to collect data from several sources:

  • Managers must ensure that they have enough evidence in order to make robust decisions about whether their teams are fit, proper and competent.
  • Senior Managers must demonstrate that they are taking all reasonable steps.
  • Individuals must provide a pathway of evidence to make it easy to get certified.

Technology challenges

Technology does offer a variety of solutions to assist this process. There are a few all embracing systems that are Compliance driven, and require the harnessing of all the Compliance processes. These are typically designed for larger organisations and are quite complex to onboard. Some large organisations have even designed and built their own bespoke systems; they use the technology that they already have available to create solutions. Smaller firms tend to rely on spreadsheets and manpower to collect and sort out the data; they access their range of HR, Talent, Training, Appraisal and Compliance systems and manually transfer data as required.

However, the good news is that there is a new solution about to enter the market place.

PeopleClear SMCR – a new technology solution

The PeopleClear SMCR SAAS tool has been designed to specifically solve the challenges of certification. Built by a team of HR, Compliance and IT practitioners during lockdown the aim has been to solve the practical challenges of certification by creating a flexible and pragmatic piece of technology. Starting with the User Experience all users can easily navigate through the regulatory requirements to upload their evidence, which in turn helps Senior Managers and Certification Managers to carry out their roles more effectively.

A flexible reporting capability allows firms to report internally or externally at the push of a button, as well producing easy to understand SMCR Management Charts. Senior Managers are able to lay out their areas of responsibility, including their delegated responsibilities so that it is easy to manage and communicate.

PeopleClear SMCR will be launching soon, to sign up for a free demo contact us now.